4 things OFWs need to know before buying property

There are still overseas foreign workers (OFWs) are buying property, although the number is less than it had been in previous years. Attractive investment returns coupled with affordable real estate prices in the Philippines have seen OFWs become increasingly active in the country’s property market. And with prices falling and discounts widely available, OFWs with cash in hand may be able to take advantage of some favorable deals.

However, preparing for the property buying process isn’t always easy if you’re an OFW. Burning vacation days flying home to search for and purchase a property isn’t ideal. That is valuable time you could be spending with friends and family. But if you’re prepared, buying real estate in the Philippines from overseas doesn’t have to be troublesome. Here are five things OFWs need to know before buying property.

1) Start your search

If you are living outside the Philippines, there are a number of websites where you can search for properties back home. For example, Dot Property Philippines – the very website you’re on – has the country’s best selection of real estate spanning the entire country. You can search for a property based on your budget, location and multiple other factors making easier to find the right condo or house no matter where in the world you happen to be.

2) Pick the right seller

These days, some property developers and real estate agents specialize in working with OFWs. If you want a smooth process, it is best to find one of these sellers. Not only can they advise you on common issues OFWs must deal with, but they may also be able to facilitate a deal that doesn’t require to be in the Philippines.

3) Get your documents ready

Don’t procrastinate getting all the necessary paperwork ready. If you want to buy a property, you will need to have all of these documents:

  • Signed and consularized Special Power of Attorney (SPA)
  • Photocopy of important IDs (passport, driver’s licenses, etc.)
  • Proof of billing of utility bills
  • Proof of income
  • Tax Identification Number (TIN)
  • Certificate of employment

4) Understand how the property will generate income

Chances are, you want your property to generate income while you are overseas. Maybe you are planning to have family live there and this isn’t a concern for you. But if that isn’t the plan, someone will have to manage your property in order for it the generate rental income. It’s important to understand how this will work before you buy.

A number of condo developers now offer property management services meaning they will find someone to rent your unit and take care of it for a percentage of the revenue generated. Alternatively, the are several companies who can do this as well. Whatever you decide, make sure you have done your research ahead of time to ensure you aren’t stuck with an empty property.

lifted from: https://www.dotproperty.com.ph/blog/4-things-ofws-need-know-buying-property?utm_source=ActiveCampaign&utm_medium=email&utm_content=4+Things+OFWs+Need+To+Know+Before+Buying+Property&utm_campaign=DP+Philippines+Newsletter+24FEB2021&vgo_ee=jwsNAJBEZx3iDwqabbNmVdSYFmrMikCwlKFARSZoYAo%3D

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4 Tips to help you get the Best Price during real estate negotiations

Getting the best price during real estate negotiations doesn’t have to be a painful process. In fact, it can be a very hands-off affair if you hire the right real estate agent. The key is knowing what to do and when to do it.

There are two important things you should note. First, don’t take things personally. This is about getting the best price during real estate negotiations, not making new friends. Second, you should have an idea of what is acceptable regarding terms before starting any negotiation. This will ensure you can reach a positive result.

Tips to help you get the best price during real estate negotiations

1) Let your real estate agent do the heavy lifting

Unless you like negotiations or are good at them, you don’t really need to be involved with much of this process. Your real estate agent is more than capable of fighting to get you the best possible deal. A lot of buyers end up costing themselves money by being in the room. That’s because they either give away just how much they like the property or are afraid to drive hard bargain.

2) Respond quickly

If a seller names a price or gets back to you with a counteroffer, respond as soon as possible. The more time you take allows them to field other offers from potential buyers. You don’t need to get back to them right away, but you can lose the upper hand in a negotiation if it takes weeks to respond.

3) Don’t put all your eggs in one basket

You have no idea how negotiations will play out. It is vital you keep your options open or at least appear to be doing so. Failing to do this allows the seller to negotiate from a position of strength since you don’t have any backup plans.

4) Walk away and let the seller come back to you

If you really want to get the best price during real estate negotiations, sometimes it pays to walk away. If the process has reached a standstill where no progress is being made on a deal, stepping away from the table may be a way to break the deadlock.

This is risky and it is a strategy you need to discuss with your real estate agent beforehand. Some sellers may not come back, especially if they have other offers out there. However, those serious about selling and without other buyers will likely return willing to negotiate.

lifted from: https://www.dotproperty.com.ph/blog/4-tips-help-get-best-price-real-estate-negotiations?utm_source=ActiveCampaign&utm_medium=email&utm_content=4+Tips+To+Help+You+Get+The+Best+Price+During+Real+Estate+Negotiations&utm_campaign=DP+Philippines+Newsletter+24MAR2021&vgo_ee=jwsNAJBEZx3iDwqabbNmVdSYFmrMikCwlKFARSZoYAo%3D

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Why Real Estate Is The Best Investment For Retiring OFWs

by Silingan, a Primary Homes blog

Being an Overseas Filipino Worker is not easy. It takes a lot of sacrifices and you can only imagine how difficult it must be to work in a foreign land away from your loved ones. OFWs endure the loneliness and hardships just to give their families a better future.

As the years go by, you realize that you cannot be an OFW forever. You eventually want to rest and retire but of course, you need to make sure you have enough funds to do this. Saving is most people do but is it enough? Here are the reasons why investing in real estate is the best way to go:

  1. Real estate is a safe investment. The value of land always keeps appreciating. With the volatility of the stock market these days, you would want to invest your money into something that is tangible and real.
  2. Can be used as leverage. Say there is an emergency and you need to get a loan as soon as possible. Owning a property means you can use it as leverage to get a loan. Lenders usually check your credit history, income, debt, and credit score to verify if you could pay back the money you loaned. By owning a property, you can secure the loan by having your property as collateral so that you can surely get that loan approved.
  3. Can be monetized. You can earn a passive income by having your property rented. Many applications in this digital world can help you earn money by allowing guests to stay in your place for a limited period of time. This is perfect because you can still use your place any time but if when nobody is using it, at least there’s money that goes in which you working extra hard to make it happen.
  4. You can use it. You don’t need to worry if you too tired to go home after a long day with the kids. By owning a property in a prime location, you can rest easy knowing that you are not wasting your precious time being stuck in traffic on your way home!
  5. Legacy Investment. Real estate is one of the common things passed down from generation to generation. Bypassing it on to your kids you can assure them that no matter what happens in life whether the economy is booming or not, they will be assured that there will always be roofs on their heads and they have a place to call home.

The original article is lifted from this site, all credits are yours: https://silingan.com.ph/why-real-estate-is-the-best-investment-for-retiring-ofws/

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Industrial and logistics leads the Philippine property market forward

by: Cheyenne Hollis is Editor-in-Chief at Dot Property Group and Thailand Property.

philippine property for sale
First Philippine Industrial Park is one of many innovative industrial properties in the Philippines

While the COVID-19 pandemic slowed many real estate sectors in the Philippines, demand for industrial and logistics space actually increased. Several experts believe the sector will remain a bright spot for the country’s property market in the coming months and possibly years.

This was one of the key takeaways from The Future of Logistics: Moving Beyond the Pandemic panel discussion organized by Santos Knight Frank.

“During the ECQ period, demand for industrial and logistics space rose for essential goods. In the following months, we expect demand to be more stable compared to the other real estate sectors. This demand is encouraged by the shift to e-commerce and the subsequent effects on demand for logistics, cold chain, warehouse, and other industrial services,” Kash Salvador, Santos Knight Frank Associate Director of Investment & Capital Markets, stated.

Health and wellness now, manufacturing in the future

According to William B. Chiongbian II, Group President & CEO of Fast Logistics Group, the Philippine logistics industry is in a prime position to support growing demand for health and wellness products.

“The quality of food will matter, and health and wellness will start to take a front seat in a developing country like the Philippines. With the right recipes from entrepreneurs, local government, and delivery enhanced by information technology, the industrial real estate infrastructure will be in the right place,” Chiongbian said.

Looking ahead, the Philippines could become a manufacturing destination in Asia as long as the industrial sector receives the proper support.

“With the right real estate infrastructure and support from the government, we’ve got to act together within the industrial sector that the Philippines is still one of the best manufacturing destinations. We need to work together to enhance what this country has to offer,” Chito Zaldarriaga, President of the Philippine Ecozone Association (Philea), explained during the discussion.

Industrial sector outlook remains positive overall

The industrial sector is expected to remain resilient moving forward. Howver it is important for those in the sector to rethink strategies in order to best take advantage of new opportunities that arose from the COVID-19 crisis.

“The industrial sector is all about the basics: basic space, food security, storage, and all the things you need in a crisis. This crisis is a realization that people are always going to need the industrial and logistics sector, and there is huge opportunity here,” Rick Santos, Chairman & CEO of Santos Knight Frank, noted.

Original article: https://www.dotproperty.com.ph/blog/industrial-logistics-leads-philippine-property-market-forward

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Philippine developers still focused on 2020 REIT launches

After years of waiting for favorable REIT rules and regulations to be approved, firms have no intention of letting COVID-19 derail share offering plans. DoubleDragon became the second Philippine developer to announce a REIT launch in 2020.

The Department of Finance, Securities and Exchange Commission, Bureau of Internal Revenue and Philippine Stock Exchange signed off on the new REIT rules at the start of the year. Developers had been lobbying for the rule changes for almost decade.

Ayala Land was the first developer to submit a REIT application in the Philippines, doing so in January. According to BusinessWorld, the Ayala Land REIT includes three commercial developments in Makati: Solaris One, Ayala North Exchange and McKinley Exchange.

Despite the COVID-19 pandemic causing a property market slowdown, Ayala Land Offices Head Carol T. Mills told the website that the firm is committed to launching its REIT in 2020.

DoubleDragon readies 2020 REIT launch

Developer DoubleDragon is preparing a PHP11 billion REIT launch that will take place during the fourth quarter. The company has decided to go ahead with plans to bring it to the market in 2020 despite economic uncertainty caused by COVID-19.

In an interview with BusinessWorld, DoubleDragon Chairman Edgar J. Sia II explained, “Although there is a global pandemic now going on, there are still investors looking to invest in specific companies that they think have a good, relevant and resilient portfolio. Right now, what matters the most is the long-term relevance and resilience of the business model more than anything else.”

Both DoubleDragon and Ayala Land will reinvest money generated from the REIT launches into their respective businesses. According to Santos Knight Frank, this reinvestment will contribute to the growth of the entire Philippine property sector and is the main benefit of the new REIT guidelines.

“We anticipate that REITs will drive an increase in acquisition, consolidation, and property development activities across the Philippines in the coming years. New capital raised by the developers through REITs will enable expansion of the real estate sector not only in Metro Manila but also in the provinces, and with it generate jobs across many sectors,” Kash Salvador, Associate Director for Investment & Capital Markets, Santos Knight Frank, noted.

lifted from this article: https://www.dotproperty.com.ph/blog/philippine-developers-still-focused-2020-reit-launches

all credits goes to Dot Property Philippines

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